Digital payments innovator Square has positioned its services as a digital wallet and is in the process of tying up with large and luxury brands to roll out its Square Register terminals. According to reports carried by The Next Web the negotiations between Square and British fashion house Burberry is at an advanced stage and the announcement of the partnership is expected soon. This would be the first tie-up of Square with a luxury brand. The news about the impeding partnership first came out when the Burberry CTO John Douglas tweeted about the installation of the first Square payment reader at one of the Burberry Brit stores in San Francisco.
Burberry in Square’s Company Directory
It is not limited to just one payment reader but the luxury brand is conducting a payment trial in collaboration with Square in its Westfield location in San Francisco. Reliable sources in the company have confirmed that Square CEO Jack Dorsey will personally make announcement about the partnership while giving out the details about the payment trial. It is expected to come up sooner than later. The company has resisted from making any official comment on the matter. However Square has already placed Burberry in its company directory. The service which was earlier known as Card Case has been changed to Pay with Square which is rather handy for iPhone and Android users.
Square is Currently Processing $10 Billion in Payments
Burberry has already been testing iPad apps that assist their sales associates in personalizing their interactions with the customers. The application gives them access to the data about where the customer had shopped, what they had liked and what they had bought. Burberry CEO Angela Ahrendts believes that the Square payment trial also makes a lot of sense and will work in the favor of the luxury brand in the long run. Square’s other big ticket tie up, earlier this year has been with Starbucks. The company will now process all credit card payments in the coffee shop’s 7,000 stores in the United States. The company is growing very rapidly and with a two billion increase in last two months is currently processing $10 billion in payments. There is a long list of investors and entrepreneurs who are funding the company who have raised $341 million in funding till date.